Stocks to buy or sell: The Indian stock market saw high volatility on Thursday, April 2, amid weak global cues and a sharp rise in crude oil prices, amid persisting uncertainty over the reopening of the Strait of Hormuz.
The Nifty 50 dropped to an intraday low of 22,182.55 during the session but rebounded sharply in the fag end of trade. Finally, the index closed 34 points, or 0.15%, higher at 22,713.10.
The rupee’s strong gain seems to have supported market sentiment. The domestic currency closed with a solid gain of 171 paise, or 1.80%, at 93.10 per dollar, according to Bloomberg data.
“The initial sell-off was triggered by renewed geopolitical concerns following statements from the US President. Weakness across Asian and European markets further weighed on domestic equities. However, a recovery in the rupee against the US dollar, oversold market conditions, and some short covering ahead of the long weekend supported the rebound,” Ajit Mishra, SVP of Research at Religare Broking, noted.
Mishra highlighted that the Nifty continues to exhibit high volatility with sharp intraday swings, indicating indecisiveness at current levels.
He expects the prevailing volatility to persist in the near term.
“Immediate resistance is placed in the 23,000–23,200 zone, with a key hurdle around 23,500, while support is seen at 22,300–22,000 levels. Traders should remain cautious and adopt a hedged approach until clearer signs of stability emerge,” said Mishra.
Stocks to buy or sell
BSE Limited | Last traded price (LTP): ₹2,851.40 | Buy | Target price: ₹3,080 | Stop loss: ₹2,730
Mishra pointed out that BSE shares are exhibiting a constructive bullish structure, with price action consolidating above an upward-sloping long-term moving average, indicating underlying strength.
The stock is currently hovering near the upper band of its consolidation zone, forming a sequence of higher lows and showing consistent demand near support levels.
“Volume dynamics remain stable, with intermittent spikes during advances, reinforcing the bullish sentiment,” said Mishra.
Jindal Steel | LTP: ₹1,137.90 | Buy | Target price: ₹1,240 | Stop loss: ₹1,080
Metal stocks are witnessing renewed buying interest following a phase of consolidation near recent highs.
Mishra underscored that Jindal Steel shares, after correcting from their record peak, have successfully retested the neckline of their cup-and-handle breakout zone.
The stock has rebounded strongly, forming a favourable buying pivot, which suggests a continuation of the prevailing uptrend.
Asian Paints | LTP: ₹2,180.10 | Sell Futures | Target price: ₹2,060 | Stop loss: ₹2,250
Mishra highlighted that the paint pack has underperformed for the past several years, and Asian Paints has traded largely in tandem with the trend.
The stock continues to face sustained selling pressure, with the declining 20-day EMA acting as a strong resistance.
A breakdown below its key support zone further reinforces the prevailing bearish trend, indicating the potential for additional downside.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of the expert, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
